World Economic and Social Survey 2010 - Retooling Global by United Nations

By United Nations

The Survey issues out promising instructions for reform, together with strengthening govt capacities for formulating and enforcing nationwide improvement options; doing extra to make sure that professional improvement help is aligned with nationwide priorities; strengthening the overseas alternate and fiscal platforms in order that nations with restricted functions can effectively combine into the worldwide economic system; developing new mechanisms for facing deficiencies, akin to really good multilateral frameworks by which to manipulate overseas migration and labour mobility, overseas monetary rules, multinational enterprises and worldwide price chains rules, in addition to sovereign debt exercises. most significantly, the Survey highlights the necessity for a robust mechanism for international monetary coordination which establishes coherence throughout all parts of world financial governance.

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Nonetheless, trade and financial liberalization and fiscal prudence remained central to policy reforms in developing countries and the policy conditionality attached to multilateral lending. Policy shifts were more visible in the social arena, as reflected, inter alia, in greater priority for education and health spending, the introduction of innovative cash transfer programmes and support for microfinance schemes. Despite the existence of a broader development strategy as embodied in PRSPs, these social policy changes were often not well coordinated with economic policies.

This was much less the case in situations where mechanization set in. 1). In these approaches poverty reduction not only became an explicit goal of development, but also came to be seen as a means to accelerate growth. 1 The basic needs approach to developmenta The basic needs development strategy grew out of the work of the International Labour Organization (ILO) World Employment Programme of the 1970s. It brought employment—and people and human needs—back to the centre of development strategy.

There is a need to strengthen the global coordination of economic decisions in order to eliminate possibilities of conflict among the rules governing trade, aid, debt, finance, migration, environmental sustainability and other development issues. However, as the eminent United Nations-affiliated economist Sidney Dell pointed out a quarter-century ago (see Dell, 1985, p. 19): There is no international agency dealing systematically with global questions of consistency and inconsistency. In matters of economic policy, the triumvirate of the IMF, the World Bank and the GATT/WTO as they function at present is not up to the task.

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